Bitcoin continues to recover positions after significant sales last weekend. The flow of investment capital from Bitcoin to Altcoin was a result of the cancellation of the planned hardfork, that is, the modifications of the source code, as a result of which new derivative tools are being created. Earlier, it was reported that the size of the Bitcoin block system will be increased from 1 to 2 MB, which would increase its bandwidth. It was the rejection of the new SegWit2x blockchain protocol and led to the significant losses in capitalisation of the ancestor of the entire crypto industry.
Given the aggressiveness of the sales with which the traders have piled on the main cryptocurrency, it would not be easy to stop them. Again a strong fundamental positive is needed, such as the launch of Bitcoin futures contracts on the Chicago Mercantile Exchange. However, it is not expected until the end of December; until then the decline may continue. In favour of this scenario, the market has more interesting investment solutions. While Bitcoin fell by 30%, the very same Bitcoin Cash grew by 40 %. At the time, the capitalization of Bitcoin Cash increased to $ 29.9 billion, overtaking Ethereum ( $ 29.3 billion), which previously ranked second in terms of capitalization after Bitcoin ( $ 99.7 billion). It is worth noting that Bitcoin Cash appeared quite recently, August 2017 to be exact, after the division of Bitcoin into Classic and Bitcoin Cash. Given such outstanding results in a short time period, interest in it can still remain; in this case, Bitcoin risks falling to $5000.
By Tim Deev